Restaurants
Status check
Restaurant industry is bouncing back with a digital twist
After the near death experience, restaurants are bouncing back. They are relying on cloud kitchen, technology and hygiene. As per Zomato 40% of the restaurants may never open. 2million (20 lakh) may lose jobs.
Posist is India’s top restaurant tech provider. About 8000 restaurant brands use their software. They interviewed 300 restaurant brands about the future of restaurant business. High operating costs, rentals, lower margins and manpower are the biggest concerns of the restaurant owners. To survive most restaurants reduced the team size, started food delivery outlets, cut salaries and increased the prices. Majority predict recovery between six months and over a year.
As per Mint: Cloud kitchens — commercial cooking facilities that have no physical dining space and cater only to delivery orders placed online — are projected to become a $2 billion industry in India by 2024, according to RedSeer Management Consulting. That’s up from $400 million in 2019.
Online food ordering has jumped three times between April, 2020 to June, 2020. The average order value has also jumped twice that of last year. The future is about contactless ordering (DIY meal kits) such as QR code ordering, online ordering and digital payments. Restaurants are ready to invest upto 20% of their revenue for the technology.
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